The deposit on a purchased property must be paid within one (1) business day of the contract signing. It is paid either by money order, bank draft or by wire transfer. The deposit is held in a designated real estate trust account until the transaction is closed. All deposits are to be made payable to the listing brokerage’s trust account, which will always be detailed in the MultiBID terms and in the property’s Agreement paperwork.
If you are a successful bidder who is not physically able to arrange for the deposit delivery in one business day, a confirmation that a wire transfer has been initiated by your bank must be provided by the close of the business day that immediately follows the end of the MultiBID. There are no exceptions to this requirement.
In the event a deposit is not received in time, you risk legal implications as provided to brokerages transacting in real estate.
